Research On The Legal System Of Treasury Share Of Listed Companies

The treasury share regulations of listed companies are about the acquirement, settlement and usage of treasury shares. Treasury share appeared firstly in U.S.A., and then it was introduced to many developed countries. So far, more and more countries with comparable healthy security market have accepted treasury share. In China, the newly amended corporate law has permit the temporary holding of treasury share. Besides theoretical repurchase act, this transformation gives us many fresh subjects to study up on. These subjects include the acquirement, settlement and usage of treasury shares, the effects on stock market and the empirical study of repurchase act. The author wants to do something constructive to improve the regulations of treasury share in China.In this paper, the author introduces the definition of the treasury shares regulations firstly with the history of its development to highlight the system background of market needs and clearly point out the study purpose of this paper. First of all, the author summarizes the conception and attributes, from which we can induce the regulation into three parts: acquirement, settlement and legal responsibility. And then, the author analyses the improvement of this system to traditional company theories on basic field, together with its economic theories. Secondly, the author chooses U.S.A., Germany, Japan and Taiwan to be the research subjects to do a compare study. Thirdly, we focus on the status of our country and the legal environment together. At the last, the author advises something about how to perfect our legal system of the treasury share regulations of listed companies.